Lucid (LCID) is outpacing luxurious rivals regardless of slower EV market

Regardless of admitting “the market is hard,” Lucid Motor’s (LCID) CEO Peter Rawlinson mentioned the posh EV maker is outpacing its rivals.

With practically 2,800 automobiles delivered in Q3, Lucid broke its quarterly report for the third consecutive time this 12 months.

Though deliveries are selecting up, manufacturing at its Casa Grande, Arizona plant is slipping. Lucid constructed 1,805 EVs during the last three months, down from 2,110 in Q2.

Two years in the past, Lucid anticipated to construct 90,000 automobiles in 2024. Now, its manufacturing goal is 9,000 for the 12 months, that means Lucid might want to make one other 3,359 automobiles within the fourth quarter to hit its objective.

“The market is hard,” Rawlinson advised Semafor’s Liz Hoffman. Nonetheless, he added, “the precise gross sales numbers of EVs are rising.”

Rawlinson defined, “It’s simply that the speed of improve was not what we anticipated. It’s like saying there’s inflation, however the fee of inflation is much less.”

Lucid remains to be outpacing many luxurious rivals

Regardless of the decrease outlook, Lucid remains to be outpacing lots of its luxurious rivals. Rawlinson mentioned consumers have been “ill-served by underwhelming choices from conventional automakers that haven’t gone all-in on electrical.”

Lucid’s CEO says these corporations have “not been in a position to as a result of they’ve not acquired the expertise, and so they’ve not acquired the long-term dedication.”

Rawlinson boasted, “We’re outselling the Mercedes EQS. We’re outselling the Porsche Taycan. We’re outselling the [Audi] eTron. We’re out promoting BMW Ice.” In some markets, Lucid’s Air is even outselling the Tesla Mannequin S.

In response to Cox Automotive, Lucid offered 5,766 Air fashions within the US by way of September, up 35% from final 12 months. That’s greater than the Audi e-tron (2,066) and Porsche Taycan (4,072).

Lucid plans to start constructing its first electrical SUV, the Gravity, later this 12 months that’s anticipated to vastly increase its market. In response to Lucid, the Gravity will begin at underneath $80,000 with over 440 miles vary.

Forward of its debut, Lucid introduced plans to promote 262.4 million shares of widespread inventory by way of a brand new public providing.

Final month, Lucid teased its new midsize electrical SUV. Will probably be the primary of Lucid’s lower-priced midsize fashions, beginning at underneath $50,000.

Electrek’s Take

Regardless of some media headlines claiming “electrical automobile gross sales are stumbling,” many corporations simply set new gross sales information within the third quarter.

Within the US, a report 346,309 EVs had been offered within the third quarter, up 11% from Q3 2023. Electrical automobile share of complete gross sales reached its highest stage at 8.9%, up from 7.8% in Q3 2023.

Maybe Lucid’s CEO has a degree. Folks have been “ill-served” by automakers which have didn’t sustain with the shift to a digital, electrical period. Patrons need the latest, most superior tech, options, and connectivity. And electrical automobiles provide that.

In Rawlinson’s phrases, “In case you like driving quick automobiles, it’s a should. In case you like numerous legroom and luxury, it’s a should. In case you like a pleasant, quiet and comfy journey, it’s a should. And if you wish to save the planet, it’s a should.”

In response to Rawlinson, manufacturing just isn’t the issue. “Our downside is market demand, and that’s very a lot a perform of brand name consciousness.”

The corporate’s chief mentioned these not eager about automobiles “gained’t hassle to seek out out that Lucid exists.” As a substitute, they’ll “simply go to your Mercedes seller each three years as a result of you’ll be able to’t beat the three-pointed star as a model.” That’s the place Lucid seems to make the distinction because it enters its subsequent development stage.